Power Steering Fluids Market Report 2024 (Global Edition)

Global Power Steering Fluids Market Report 2024 Market Size Split by Type Outlook: (Synthetic Oil, Mineral Oil, Others), by Application Outlook: (Light Commercial Vehicles, Passenger Cars, Heavy Comme...

Power Steering Fluids Market Report Description

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Power Steering Fluids Market Insights Video

Competitive Landscape of the Power Steering Fluid Market

The competitive landscape of the Power Steering Fluid market is characterized by a range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts. Key players in the market include established electronics manufacturers, specialized Power Steering Fluid companies, and emerging start-ups aiming to disrupt the market with innovative solutions.

November 2023: Amkor Technology, Inc. said that it will establish goals to lower greenhouse gas emissions in accordance with the Science Based Targets program (SBTi). (Source: https://ir.amkor.com/news-releases/news-release-details/amkor-technology-signs-commitment-science-based-targets)

Top Companies Market Share in Power Steering Fluids Industry: (In no particular order of Rank)

• AMSOIL
• Exxon Mobil
• Lucas Oil Products
• Shell
• Valvoline
• Prestone
• Royal Purple
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Regional Analysis of the Power Steering Fluid Market

Which Region Dominates the Power Steering Fluid Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. North America's energy steering fluid market is expanding due to growing car production, increasing automobile complexity, and heightened renovation needs: the area's sturdy automotive industry and technological improvements power demand for outstanding fluids. Additionally, client preference for advanced steering systems and ongoing car repairs make contributions to marketplace growth, reflecting the region's giant position in the international automotive region.

Which Region is Expanding at the Fastest CAGR?

Europe stands out as the fastest-growing region in the Power Steering Fluid market. Europe's electricity steerage fluid marketplace is developing, pushed by means of rising car sales, advancements in automobile generation, and stringent regulatory requirements for car performance. The region's recognition of innovation, alongside accelerated automobile upkeep and repair activities, fuels the call for tremendous fluids. Additionally, the shift in the direction of electric powered and hybrid automobiles in addition contributes to marketplace expansion in Europe.

The current report Scope analyzes Power Steering Fluids Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!

North America Power Steering Fluids

<P>According to Cognitive Market Research, the global Power Steering Fluid market size was estimated at USD 1354.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 541.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.</P> <ul><li>According to Cognitive Market Research, the US had a major share in the Power Steering Fluid market with a market size of USD 427.39 million in 2024 and is projected to grow at a CAGR of 2.2% during the forecast period. The nation's vehicle production growth.</li> <li>The Canada Power Steering Fluid market had a market share of USD 65.00 million in 2024 and is projected to grow at a CAGR of 3.0% during the forecast period. Canada's increasing car ownership.</li> <li>The Mexico Power Steering Fluid market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 49.29 million in 2024.</li></ul>

Europe Power Steering Fluids

<p>According to Cognitive Market Research, the global Power Steering Fluid market size was estimated at USD 1354.2 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 406.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031. </P> <ul><li>The United Kingdom Power Steering Fluid market had a market share of USD 68.25 million in 2024 and is projected to grow at a CAGR of 3.3% during the forecast period. In the UK, Power Steering Fluid sales witness an upswing due to the technological advancements.</li> <li>The France Power Steering Fluid market is projected to witness growth at a CAGR of 1.7% during the forecast period, with a market size of USD 37.38 million in 2024.</li> <li>According to Cognitive Market Research, the German Power Steering Fluid market size was valued at USD 80.44 million in 2024 and is projected to grow at a CAGR of 2.7% during the forecast period. In Germany, Power Steering Fluid surged due to rising automotive maintenance.</li> <li>The Italy Power Steering Fluid market is projected to witness growth at a CAGR of 1.9% during the forecast period, with a market size of USD 34.94 million in 2024.</li> <li>The Russia Power Steering Fluid market is projected to witness growth at a CAGR of 1.5% during the forecast period, with a market size of USD 62.97 million in 2024.</li> <li>The Spain Power Steering Fluid market is projected to witness growth at a CAGR of 1.6% during the forecast period with a market size of USD 33.31 million in 2024</li> <li>The Luxembourg Power Steering Fluid market is projected to witness growth at a CAGR of 2.6% during the forecast period, with a market size of USD 12.59 million in 2024.</li> <li>The Portugal Power Steering Fluid market is projected to witness growth at a CAGR of 2.3% during the forecast period, with a market size of USD 8.53 million in 2024.</li> <li>The Greece Power Steering Fluid market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 4.88 million in 2024.</li> <li>Rest of Europe's Power Steering Fluid market is projected to witness growth at a CAGR of 1.2% during the forecast period, with a market size of USD 62.97 million in 2024.</li></ul>

Asia Pacific Power Steering Fluids

<P>According to Cognitive Market Research, the global Power Steering Fluid market size was estimated at USD 1354.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 311.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.</P> <ul><li>According to Cognitive Market Research, the China Power Steering Fluid market size was valued at USD 140.16 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. Power Steering Fluid surged in China due to the regulatory standards.</li> <li>The Japan Power Steering Fluid market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 42.98 million in 2024.</li> <li>The India Power Steering Fluid market had a market share of USD 37.38 million in 2024 and is projected to grow at a CAGR of 7.8% during the forecast period. India's economic development.</li> <li>The South Korean Power Steering Fluid market is projected to witness growth at a CAGR of 5.1% during the forecast period, with a market size of USD 31.15 million in 2024.</li> <li>The Australian Power Steering Fluid market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 16.20 million in 2024.</li> <li>The South East Asia Power Steering Fluid market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 21.49 million in 2024.</li> <li>The Rest of Asia Pacific Power Steering Fluid market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 22.11 million in 2024.</li></ul>

South America Power Steering Fluids

<P>According to Cognitive Market Research, the global Power Steering Fluid market size was estimated at USD 1354.2 Million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD 67.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031. .</P> <ul><li>According to Cognitive Market Research, the Brazil Power Steering Fluid market size was valued at USD 28.98 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. Power Steering Fluids flourished in Brazil due to the consumer awareness.</li> <li>Argentina's Power Steering Fluid market had a market share of USD 11.38 million in 2024 and is projected to grow at a CAGR of 4.3% during the forecast period. Argentina's aftermarket expansion.</li> <li>Colombia Power Steering Fluid market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 6.03 million in 2024.</li> <li>Peru Power Steering Fluid market is projected to witness growth at a CAGR of 3.6% during the forecast period, with a market size of USD 5.55 million in 2024.</li> <li>Chile Power Steering Fluid market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 4.88 million in 2024.</li> <li>The Rest of Latin America's Power Steering Fluid market is projected to witness growth at a CAGR of 2.5% during the forecast period, with a market size of USD 10.90 million in 2024.</li></ul>

Middle East and Africa Power Steering Fluids

<P>According to Cognitive Market Research, the global Power Steering Fluid market size was estimated at USD 1354.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 27.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031..</P> <ul><li>The GCC Countries Power Steering Fluid market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 11.59 million in 2024. Power Steering Fluid sales flourish due to the fleet management needs.</li> <li>The Egypt Power Steering Fluid market is projected to witness growth at a CAGR of 4.0% during the forecast period, with a market size of USD 2.84 million in 2024.</li> <li>The South Africa Power Steering Fluid market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 4.28 million in 2024. Power Steering Fluid sales flourish in South Africa due to urbanization trends.</li> <li>The Turkey Power Steering Fluid market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 2.33 million in 2024.</li> <li>The Nigeria Power Steering Fluid market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 2.84 million in 2024.</li> <li>The Rest of MEA Power Steering Fluid market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 3.20 million in 2024.</li></ul>

Power Steering Fluids Market Analysis

How are Segments Performing in the Global Power Steering Fluid Market?

Power Steering Fluid Market Type Segment Analysis

According to Cognitive Market Research, Synthetic Oil stands out as the dominant category over the projected period. The artificial oil section is boosting the strength guidance fluid marketplace because of its advanced performance and stability as compared to traditional fluids. Synthetic oils offer stronger viscosity, thermal balance, and longer carrier periods, making them increasingly more famous in cutting-edge motors with superior guidance systems. Their growing adoption displays the demand for high-performance fluids inside the automotive enterprise.

Mineral Oil emerges as the fastest-growing category in the Power Steering Fluid market. Mineral oil is gaining traction in the strength steering fluid market due to its fee effectiveness and substantial use in conventional motors. Despite the upward thrust of artificial options, mineral oil remains a famous choice for many automotive programs because of its dependable overall performance and affordability. Its increase displays an ongoing call for traditional fluids within the automobile region.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Power Steering Fluids Industry. Request a Free Sample PDF!

Power Steering Fluid Market Application Segment Analysis

According to Cognitive Market Research, the dominant category is Light Commercial Vehicles. The strength steerage fluid marketplace is expanding for mild commercial motors because of the expanded call for green and dependable steering structures in this section. The rising income of light commercial motors, driven by using economic boom and e-trade, contributes to better fluid usage. Enhanced vehicle performance necessities and preservation wishes further support the boom of energy steering fluids in this zone.

The fastest-growing category in the Power Steering Fluid market is Passenger Cars. The electricity steerage fluid marketplace for passenger vehicles is developing because of growing car sales and improvements in the steerage era—increased purchaser demand for more desirable comfort and protection drives the want for exceptional fluids. Additionally, ordinary renovation and the substitute of steering fluids in passenger automobiles aid market enlargement, reflecting the arena's ongoing development.

The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Power Steering Fluids market report 2024 Edition by contacting our team.

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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